Under the first approach, a scheme sponsor would book the swap as a plan asset and measure it at fair value.Following an alternative accounting approach, however, a sponsor would treat the swap as a qualifying insurance policy and book the premiums as a liability.A longevity swap transfers the risk of pension scheme members living longer than expected from pension schemes to an external party.This external party is usually an insurer or a bank.The effect of a swap transaction is to freeze or settle the DB plan sponsor’s obligations to the scheme members.Longevity risk is one of the biggest risks faced by DB pension schemes.It can lead to schemes paying out higher pension payments than expected and, as such, push a fund into deficit.A DB pension obligation is accounted for under IFRSs by following the requirements of International Accounting Standard 19, Employee Benefits (IAS 19).A separate accounting standard, IFRS 13, Fair Value Measurement, deals separately with fair-value issues.Both standards are updated and maintained by the International Accounting Standards Board.The IFRS IC is charged by the board with developing interpretive guidance on those standards.The committee can also propose amendments to IFRSs such as IAS 19.In support of their recommendation against adding the issue to the committee’s agenda, staff argued that the issue was “not currently widespread” and “material diversity in practice is not observed.”Committee member Reinhard Dotzlaw questioned this assessment, however.Dotzlaw argued that, although in Canada “we don’t see longevity swaps”, they were nonetheless “not uncommon in certain other jurisdictions like the UK”.London-based consultant actuary Simon Robinson told IPE: “Swap transactions the moment are rather complicated and only suit a small number of schemes.“Typically, again in the UK, it has tended to be the bigger pensions plans with the more sophisticated trustees that have gone down this route.”Interested parties have until 20 January 2015 to comment on the committee’s tentative decision.The IFRS IC expects to finalise the agenda decision during its March 2015 meeting.Separately, during their 11 November meeting, committee members retreated back from the possibility of requiring DB sponsors to remeasure a DB liability to account for significant market fluctuations.The issue arose out of the committee’s project to propose an amendment to IAS 19 dealing with remeasurement of the net DBL in the event of a plan amendment or curtailment.Given that the issue is proceeding as an annual improvement to IAS 19, the issue will go forward to a future meeting of the IASB. The International Financial Reporting Standards (IFRS) Interpretations Committee has tentatively ruled that defined benefit (DB) plan sponsors must account for longevity swaps as single-instrument plan assets held at fair value.Details of the tentative decision, reached during the committee’s 11 November meeting, are set out in the latest edition of IFRIC Update.The IFRS IC, which is responsible for interpreting international accounting standards, received a request in August to clear up confusion around the accounting for longevity swaps held by a DB plan.The anonymous submitter, tipped by sources to be a ‘Big Four’ audit firm, noted that there were two possible approaches to the problem.
The USC men’s golf team, No. 4 in the nation and coming off back-to-back top-two tournament finishes, made it three in a row with another strong performance, finishing second in the final day of play at the San Diego Intercollegiate Tournament. The tournament, held at the San Diego Country Club in Chula Vista, Calif., featured 15 teams, with Washington capturing first place.On par · The No. 4 Trojans spent three days in San Diego at the San Diego Intercollegiate Tournament. Senior Steven Lim finished even. – Photo courtesy of USC Sports InformationThe Trojans finished at 13-over par, seven strokes behind Washington, which came in at 6-over par. The competition featured a third place finish by rival UCLA (20-over par) and a tie for fourth place between San Diego State and Tennessee (23-over par).The team received solid play from senior Steve Lim and junior Martin Trainer, both of whom finished tied for third at even-216. Sophomore Jeffrey Kang, coming off his first tournament victory, notched his third straight top-eight finish, ending tied for eighth at three-over 219, including an impressive four birdies and even finishes on the front and back nine.Junior Sam Smith also finished tied for eighth at 3-over par, rebounding from a four-over par through four holes to remain even for the rest of the round. Freshman Anthony Paolucci finished at 13-over par, tied for 40th, while sophomore Ramsey Sahyoun came in at 48th with an overall score of 15-over par.The first day of play saw the Trojans collect a score of 288, four strokes behind the Huskies. Lim fired an even-72, while Kang recorded five birdies to finish even as well. Trainer, the 2011 Pac-10 champion, shot a two-under par without a bogey. Sahyoun came in at two-over par, while Paolucci struggled to a 4-over 76.The Trojans struggled individually during the second day of play, finishing with a score of 299. Only Lim finished under par, firing a 1-under par to cap a solid two-round performance. Kang followed an up-and-down first round with a three-over par, while Paolucci concluded at four-over par. Trainer found it difficult to maintain his performance from the first round, finishing five-over par, while Sahyoun came in tied for 38th at 9-over par.The Trojans regrouped considerably in the third round, riding impressive back nine performances from Kang and Trainer to finish second. Trainer finished off in style, notching four consecutive birdies in the final round to finish 3-under par.Kang also recorded four birdies, finishing even at par. Lim came in at one-over par, while Sahyoun finished at four-over par and Paolucci ended tied for 40th with a five-over par in the final round. The top-two finish marked the third such standing in a row for the Trojans, who won their final fall event before also taking second at the annual Amer Ari event in Waikoloa Beach, Hawaii, earlier in the month.Following this, the Trojans will have two weeks off before participating in the Del Walker Match Play, an all-day tournament to be held at the Virginia Country Club in Long Beach, Calif., from Feb. 27-28.
Commissioner M. Margaret Bates has been the champion of the Lauderhill Breast Cancer efforts for many years now. This year she is taking it up a notch.Starting October 1st and for the entire month of October, residents in Lauderhill can expect to see City Hall lit up in the color of HOT PINK! With that is a giant PINK RIBBON hanging from the 4th floor to the 3rd floor, to remind us all to get tested for breast cancer. The sight is really spectacular!Commissioner Bates has also initiated the sale of the City of Lauderhill Breast Cancer Awareness Shirts. The light-weight beautiful polos are adorned with the City’s logo wrapped up in a Bright Pink Breast Cancer Ribbon. The Polos are available in 4 colors and are available on our City website for purchase. A portion of the proceeds will go to the Florida Breast Cancer Foundation. Log on to http://lauderhill-fl.gov/news-events/breast-cancer-awareness-month to see more information on the shirts and make your purchase. A link is also provided from the front page of the City’s webpage.An Official City Proclamation will be given to the Florida Breast Cancer Foundation in the month of October, and donation buckets are located at City Hall for those who would like to leave a donation.“Early detection, education, and research are all important elements to Breast Cancer Awareness Month. I felt the City Staff had always supported my efforts to raise awareness about this cause. This year I wanted to go City-wide with my efforts for Breast Cancer Awareness. Would you please help us in the good fight and help us knock out Breast Cancer for good? Please consider donating at City Hall or purchasing one of our beautiful City of Lauderhill Cancer Awareness Shirts,” explains Commissioner Margaret Bates.If you have any questions about the Lauderhill Breast Cancer Awareness efforts, please contact the City at 954-730-3000.*October is Breast Cancer Awareness Month, which is an annual campaign to increase awareness of the disease.Facts About Breast Cancer In The United StatesOne in eight women in the United States will be diagnosedwith breast cancer in her lifetime.Breast cancer is the most commonly diagnosed cancer in women.Breast cancer is the second leading cause of cancer death among women.Each year it is estimated that over 252,710 women in the United States will be diagnosed with breast cancer and more than 40,500 will die.Although breast cancer in men is rare, an estimated 2,470 men will be diagnosed with breast cancer and approximately 460 will die each year.On average, every 2 minutes a woman is diagnosed with breast cancer and 1 woman will die of breast cancer every 13 minutes.Over 3.3 million breast cancer survivors are alive in the United States today.
“It’s where we’re at, I guess,” Conley said, per The Commercial Appeal. “Memphis is all I know. This is my home. I love everybody here and my teammates and the organization. I don’t know any better. This is new grounds for me, so we’ll just see how it plays out.” NBA trade rumors: Grizzlies will listen to offers for stars Marc Gasol, Mike Conley Grizzlies stars Marc Gasol, Mike Conley address trade rumors The Jazz could be looking to upgrade their point guard position before the Feb. 7 NBA trade deadline.According to The New York Times, the Jazz are in “exploratory discussions” with the Grizzlies about a potential swap involving Mike Conley and Ricky Rubio. In order for the two teams to reach a deal, additional pieces would need to be involved and Utah would have to absorb the two years and $66 million remaining on Conley’s contract, the Times notes, which is a significant step up from Rubio’s $15 million expiring deal. Additionally, the Grizzlies are believed to be seeking “prime draft compensation” if they go through with a trade involving Conley or Marc Gasol.Conley addressed the trade rumors earlier this month and simply said, “It’s part of the business.” Related News Conley has spent his entire 12-year career in Memphis, tallying 20 points and 6.2 assists per game while knocking down 35.6 percent of his 3-point attempts in 2018-19. He agreed to a new five-year, $153 million deal in the summer of 2016.On the other side, Rubio has played the last two seasons with Utah after spending six years with the Timberwolves. He has averaged 11 points and 7.7 assists per game throughout his career.